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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity :

 

 

 

Number of

 

 

Weighted
Average
Exercise

 

 

Aggregate

 

 

 

Options

 

 

Price ($)(1)

 

 

Intrinsic Value

 

Outstanding, December 31, 2019

 

 

3,534,236

 

 

 

7.90

 

 

 

19,618

 

Granted

 

 

1,482,250

 

 

 

11.75

 

 

 

 

Exercised(2)

 

 

(171,812

)

 

 

5.76

 

 

 

1,535

 

Forfeited, cancelled or expired

 

 

(85,677

)

 

 

13.04

 

 

 

 

Outstanding, December 31, 2020

 

 

4,758,997

 

 

 

9.10

 

 

 

30,464

 

Granted

 

 

1,775,450

 

 

 

19.82

 

 

 

 

Exercised(2)

 

 

(690,284

)

 

 

7.34

 

 

 

11,306

 

Forfeited, cancelled or expired

 

 

(205,931

)

 

 

13.01

 

 

 

 

Outstanding, December 31, 2021

 

 

5,638,232

 

 

 

12.55

 

 

 

105,405

 

Granted

 

 

2,315,645

 

 

 

30.90

 

 

 

 

Exercised(2)

 

 

(780,725

)

 

 

9.47

 

 

 

19,651

 

Forfeited, cancelled or expired

 

 

(55,370

)

 

 

24.50

 

 

 

 

Outstanding, December 31, 2022

 

 

7,117,782

 

 

 

18.75

 

 

 

147,214

 

Exercisable, December 31, 2022

 

 

3,530,408

 

 

 

11.40

 

 

 

98,944

 

 

(1)
Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.74 as of December 31, 2022.

 

(2)
During the year ended December 31, 2022, 68,930 (2021 – 66,215 and 2020 – 26,513) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 510,671 (2021 – 412,940 and 2020 – 87,197) common shares for the cashless exercise of 711,795 (2021 – 624,069 and 2020 – 145,299) stock options.
Schedule of Nonvested Stock Option Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2022 is as follows:

 

 

 

Number of
Options

 

 

Weighted Average
Grant Date
Fair Value ($)

 

Non-vested, January 1, 2022

 

 

2,671,589

 

 

 

10.56

 

Granted

 

 

2,315,645

 

 

 

19.78

 

Vested

 

 

(1,344,490

)

 

 

10.23

 

Forfeited or cancelled

 

 

(55,370

)

 

 

14.43

 

Non-vested, December 31, 2022

 

 

3,587,374

 

 

 

16.60

 
Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Average risk-free interest rate

 

 

2.39

%

 

 

1.16

%

 

 

0.72

%

 

Expected volatility

 

 

70

%

 

 

68

%

 

 

68

%

 

Average expected term (in years)

 

 

6.16

 

 

 

6.66

 

 

 

6.79

 

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

Weighted average fair value of options granted

 

$

19.78

 

 

$

12.54

 

 

$

7.46

 

 
Stock Based Compensation Expenses

Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive income (loss) as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Research and development expenses

 

$

7,766

 

 

$

3,734

 

 

$

1,936

 

 

General and administrative expenses

 

 

12,610

 

 

 

6,283

 

 

 

3,741

 

 

 

 

$

20,376

 

 

$

10,017

 

 

$

5,677

 

 
Pre-Funded Warrants Outstanding

The following table summarizes the pre-funded warrants outstanding as of December 31, 2022:

 

Date of Issuance

Pre-Funded Warrants to Purchase Common Shares

 

Price per Pre-Funded Warrant

 

Exercise Price

 

March 2021

 

1,081,081

 

$

18.4999

 

$

0.0001

 

October 2021

 

1,694,915

 

$

29.4999

 

$

0.0001

 

June 2022

 

327,868

 

$

30.4999

 

$

0.0001

 

Total

 

3,103,864